KUALA LUMPUR: Solarvest Holdings Bhd
has signed five corporate green power agreements (CGPAs) under the corporate green power programme (CGPP) with a Malaysian multi-asset exchange, two global semiconductor giants, and a leading data centre service provider.
In a statement, the clean energy expert said these agreements are made through two joint ventures: one with Savelite Engineering Sdn Bhd and TNB Renewables Sdn Bhd, and another solely with TNB Renewables Sdn Bhd.
Under these CGPAs, Solarvest and partners, as the solar power producers (SPP), will undertake the ownership and development of two solar power plants located in Lumut, Perak and Kulim, Kedah.
Solarvest said the corporate consumers will collectively offtake a combined electricity capacity of 59.98 megawatts (MWac) generated from the solar power plant for 21 years, with a contract for different mechanisms at an agreed pricing.
Executive director and group chief executive officer Davis Chong Chun Shiong said the CGPP marks a significant stride towards a more open and competitive energy market in Malaysia as driven by the principle of demand and supply.
“We are honoured to have earned the trust of these companies who are industry leaders in the financial services and technology sector as their decarbonisation partner. Leveraging our established track record in developing utility-scale projects, we are confident in fulfilling our role as a solar power producer, providing our corporate consumers with sustainable energy solutions to advance their sustainability goals.”
The signed CGPAs, each with a tenure of 21 years, will strengthen Solarvest's recurring income stream from the sales of electricity generated by these solar power plants.
To recap, Solarvest and its consortiums have been awarded with a total export capacity of 90 MWac under the CGPP by the Energy Commission.
